New Issue: RBC prices $30 million five-year floating-rate notes with step-up cap

By Susanna Moon

Chicago, April 26 - Royal Bank of Canada priced $30 million of capped floating-rate notes due April 30, 2018, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be Libor plus 50 basis points, up to a maximum interest rate. The cap will be 2% for the first three years, stepping up to 3% for year four and to 4% after that. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Capped floating-rate notes
Amount:	$30 million
Maturity:	April 30, 2018
Coupon:	Libor plus 50 bps, capped at 2% for three years, at 3% for year four and at 4% after that; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing dates:	April 25
Settlement date:	April 30
Agent:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78008SWK8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.